Barakah Offshore Petroleum Berhad’s wholly-owned subsidiary, PBJV Group Sdn Bhd (PBJV), has in early August 2015 signed a Memorandum of Collaboration (MOC) with a Norwegian subsea service provider, Ocean Installer Ltd. (OI) to exclusively work together in Malaysia to provide deepwater installation of subsea umbilicals, risers and flowlines (SURF) and related services.
Basing this collaboration on the MOC as platform, the key areas will be: sharing each party’s expertise, resources and develop business for the offshore oil and gas (“O&G”) market jointly in Malaysia; and identifying prospects for suitable oil and gas-related projects to be pursued and tendered jointly and on an exclusive basis.
The collaboration, states a Barakah Offshore Petroleum Berhad press release, is a good fit for both PBJV and OI to widen the range of services and market reach for the Malaysia’s O&G industry. The parties focus to provide cost effective, fit-for-purpose solutions should bode well for the current market where clients are adapting to the low oil price environment.
PBJV is a turnkey onshore and offshore O&G player with strong EPCIC (Engineering, Procurement, Construction, Installation, and Commissioning) capability. Its offshore O&G business includes transportation and installation, pipeline pre-commissioning, commissioning, and de-commissioning; and offshore platform major maintenance, and hook-up and commissioning. PBJV currently provides mainly shallow water (up to 200m water depth) installations of subsea infrastructures involving rigid pipelines and fixed platform structures.
OI is a subsea specialist, headquartered in Stavanger, Norway. The company provides a full range of subsea services and holds strong EPCI (Engineering, Procurement, Construction, Installation) expertise in the SURF (Subsea structures, Umbilicals, Risers, Flowlines) segment. Established by experienced subsea professionals in 2011, OI focuses its attention in the deep water (200m to 3000m depth) segment.
In the main SURF market, OI’s work scope includes the installation of subsea structures, flexibles, umbilicals, risers, rigid flowlines/pipeline laying, spools, survey and the full range of light and heavy construction work, decommissioning, diving, and Engineering, Design and Fabrication. While the specialist is positioned in the Top 10 subsea markets globally, OI is broadening its capabilities beyond North Sea basin into new region including Asia Pacific.
Encik Nik Hamdan Daud, Deputy Executive Chairman of Barakah comments, “This collaboration will allow us to serve the full spectrum of subsea installation market for Malaysia’s O&G industry and a step up for Barakah to be involved in deep water segment. Together, we hope to provide good value for money solutions to our existing/potential clients. We are optimistic that the co-operation will support Barakah’s ambition to move up the value chain.”